BabyPips.com FX-Men Team
BabyPips.com
USD/JPY: 1-hour
Remember that USD/JPY rectangle that we were looking at earlier? Well, it looks like the range has also survived yesterday’s volatility! The pair found support at the 122.30 area, a level that has held since mid-November. Not only that, but Stochastic is also currently on the bulls’ side with its oversold signal. A long position in this case could make for a good trade if you think that USD/JPY is headed back up to its range resistance. Like in the setup above though, a breakout is still a possibility with this pair. After all, I’m hearing from the grapevines (let’s call them Forex Gump and Pip Diddy) that we might see a spike in volatility again today. Gotta be careful and make sure you got your risk management plans inked on your trade journals!
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